GBP Plunges Below $1.32 as UK Gilt Yields Hit 27-Year High

The British pound has continued its downward trend, hitting a new low against the U.S. dollar in Friday's Asian session. The GBP/USD pair traded below 1.3200, reaching an intraday low not seen since late June.

This decline comes as the U.S. Dollar Index climbed near the 102 level, reaching a roughly 18-month high due to rising interest-rate expectations and safe-haven demand.

The UK's economic fundamentals are also under scrutiny, with market surveys indicating that the yield on 30-year government bonds has risen above 6%, its highest level since early 1998. The 10-year gilt yield has also climbed to its highest level since 2007, fueling concerns about the country's public finances.

Investors are closely watching the Autumn Statement scheduled for October 28, looking for signs of fiscal discipline and policy direction amid persistently high borrowing costs.